PPI stands for payment protection insurance. The PPI plan was often mis-sold to people who did not need it or want it. If you are an individual who has wrongly been sold PPI, you have a chance to get reimbursed. The FCA has set a PPI deadline. If you file a claim on time, you can receive compensation. To learn more about the PPI deadline and how you can prepare your claim, keep reading below.
What Is A PPI Plan?
The payment protection insurance plan was designed to help people who fell sick or lost their jobs pay for certain expenses. Often, it was sold with mortgages, loans or other large purchases. This would pay out a sum of money to help you cover monthly repayments when you were unable to work for any number of reasons stated in your specific policy. After some investigation by forensic accountants, it was revealed that the PPI scandal had been going on for over a decade, with dozens of financial institutions in the UK wrongfully selling payment protection insurance since the 1990s.
When Is The PPI Deadline?
When the PPI scandal broke, the Financial Conduct Authority promised to set a two year deadline for claims to be made so that individuals could get their money back. Recently, the FCA announced that PPI claims would be taken until August 29th, 2019. This allows individuals ample time to prepare and file a claim before the PPI deadline. If you are one of those individuals interested in filing a claim, see our directions below to find out how.
How Do I Know I Was Sold PPI?
Before you can consider getting compensated for wrongfully sold insurance, you must first make sure that it is something you actually purchased. To do this, you will have to review paperwork from your past loan and mortgage statements over the past twenty years. Check these for any mention of an insurance fee or product to cover your payments. If you are unable to locate all of your paperwork, there are still ways for you to find out before the PPI deadline.
Contact Your Lender
If you cannot find the original paperwork to see if you were sold payment protection insurance, you can receive a copy by contacting your lender or insurance agent. Whether it was a car loan or home purchase, you can reach out to your lender. Once you get into contact with them, you can ask for a copy of your statements or even a full breakdown of your whole account. This is a key step for individuals to ensure that they are entitled to compensation. Once you have proof that you were sold PPI, you can follow a straightforward process to file a complaint with your lender.
If you are an individual who has been wrongfully sold PPI insurance, there is an opportunity for you to receive compensation. The PPI deadline has been set up for two years time, allowing you plenty of time to file your claim. Contact your lender, access your paperwork and file a complaint for past mortgages or loans so that you can review these expenses and get your money back.
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